Econometric models in the comparative approach to real estate appraisal

Piotr Cegielski

Abstract

An extension of classical methods of comparative approach to real estate valuation are econometric methods (in legal regulations called the methods of market statistical analysis). They are used for valuation of individual properties, as well as mass valuation or even in the real estate market analysis. This dissertation concerns the applicability of using these methods to determine the market value of individual residential property. Its main purpose was to test the possibility of using econometric models to determine the valuation of the market value of real estate, especially apartments. Furthermore the purpose was to determine which of the methods of comparative approach is characterized by greater accuracy of prediction market prices – so called classical methods of comparative approach or selected econometric methods. The research showed that the econometric models were better, in terms of predictive accuracy of market prices, from classical models of a comparative approach, and this regardless of whether the model was built based on the data from the selected settlements, or also from the whole district. In particular, the effect of this study was also a comprehensive analysis of the comparative approach (very often used in the valuation of real estate) from a formal and a substantive point of view.
Diploma typeDoctor of Philosophy
Author Piotr Cegielski
Piotr Cegielski,,
-
Title in EnglishEconometric models in the comparative approach to real estate appraisal
Languagepl polski
Certifying UnitFaculty of Management, Information Systems and Finance (MISaF)
Disciplinenauki o zarządzaniu / nauki ekonomiczne(nauki ekonomiczne) / nauki społeczne()
Defense Date27-11-2013
End date19-12-2013
Supervisor Krzysztof Jajuga (MISaF / IZF / KIFiZR)
Krzysztof Jajuga,,
- Katedra Inwestycji Finansowych i Zarządzania Ryzykiem

Krzysztof Jajuga (MISaF / IZF / KIFiZR)
Krzysztof Jajuga,,
- Katedra Inwestycji Finansowych i Zarządzania Ryzykiem

Internal reviewers Józef Dziechciarz (MISaF / IZM / KEBO)
Józef Dziechciarz,,
- Katedra Ekonometrii i Badań Operacyjnych
External reviewers Sebastian Kokot
Sebastian Kokot,,
-
Pages235
Keywords in Englishreal estate, comparative approach, econometric model
Abstract in EnglishAn extension of classical methods of comparative approach to real estate valuation are econometric methods (in legal regulations called the methods of market statistical analysis). They are used for valuation of individual properties, as well as mass valuation or even in the real estate market analysis. This dissertation concerns the applicability of using these methods to determine the market value of individual residential property. Its main purpose was to test the possibility of using econometric models to determine the valuation of the market value of real estate, especially apartments. Furthermore the purpose was to determine which of the methods of comparative approach is characterized by greater accuracy of prediction market prices – so called classical methods of comparative approach or selected econometric methods. The research showed that the econometric models were better, in terms of predictive accuracy of market prices, from classical models of a comparative approach, and this regardless of whether the model was built based on the data from the selected settlements, or also from the whole district. In particular, the effect of this study was also a comprehensive analysis of the comparative approach (very often used in the valuation of real estate) from a formal and a substantive point of view.
KBN classificationekonomia
Thesis file
PIOTR CEGIELSKI - DOKTORAT.pdf 3,69 MB

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